Bitcoin Cash Price Prediction: BCH could plummet to $550 as selling pressure mounts


  • Bitcoin Cash price faces significant selling pressure as key indicator has just presented a sell signal.
  • Several on-chain metrics also indicate that BCH is poised for a correction.
  • BCH bulls must hold a key support level in the short term. 

The Bitcoin Cash price had a significant rally in the past four days, gaining about 33% in value. BCH experienced a correction down to $620, and several indicators show that it could slip even further.  

Bitcoin Cash price on verge of harder correction

On the 9-hour chart, BCH bulls are trying to defend the $640 support level, which is the 78.6% Fibonacci retracement level. The TD Sequential indicator has just presented a sell signal in the form of a red arrow pointing downward. 

BCH price

BCH/USD 9-hour chart

The past few signals were confirmed and validated, which add credence to the most recent one. Losing the $640 support level could drive the Bitcoin Cash price down to $600.

bch price

BCH MVRV (30d) chart

The MVRV (30d) chart, which shows the average profit or loss of BCH holders' tokens that moved in the last 30 days, is slowly climbing into the danger zone above 20%. This is usually a strong indicator of upcoming corrections. 

bch price

BCH IOMAP chart

The In/Out of the Money Around Price (IOMAP) chart shows weak support below $600, which means that a breakdown below this point would drive BCH toward $548, the next significant support point where 122,000 addresses purchased over 600,000 BCH coins. 

The IOMAP model also shows a robust resistance area between $640 and $657. A breakout above $657 would invalidate the sell signal on the 9-hour chart and could quickly push Bitcoin Cash toward $700. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP